1. Report Summary - Reported company: Raytron Technology Co., Ltd. - Industry: Semiconductor - Research date: August 29, 2025 2. Core Viewpoints - The company has formed a new pattern with infrared business as the mainstay and gradual breakthroughs in multi - dimensional sensing fields such as microwave and laser, supporting its continuous and rapid development [20]. - The market demand is booming, and the company will maintain a rapid growth trend in the future with its advantages in talent incentive, technology R & D, product mass - production, and platforms [22]. 3. Summary by Section 3.1 Research Basic Information - Research object: Raytron Technology Co., Ltd. - Industry: Semiconductor - Reception time: August 29, 2025 - Company receptionist: Huang Yan, Secretary of the Board [16] 3.2 Detailed Research Institutions - Securities companies: CITIC Securities, GF Securities, Industrial Securities, Minsheng Securities - Fund management companies: Fullgoal Fund, Bosera Fund, Southern Fund [17] 3.3 Main Content 3.3.1 Company's 2025 Semi - annual Operation and Dividend - Revenue: In the first half of 2025, the company achieved an operating income of 2,543,793,600 yuan, a year - on - year increase of 25.82% [20]. - Profit: Operating profit was 380,821,200 yuan, a year - on - year increase of 85.02%; net profit attributable to the parent company was 351,011,500 yuan, a year - on - year increase of 56.46% [20]. - Business segments: Infrared business maintained rapid growth; microwave RF business declined slightly during the product transition period but had little impact on the overall report [20]. - Dividend: The company plans to distribute a cash dividend of 0.80 yuan per 10 shares (tax - included) [21]. 3.3.2 R & D Progress - Infrared field: Completed mass production of 8μm series products, with three models entering the mass - production stage [21]. - Automotive infrared field: Obtained new front - loading fixed points and production deliveries for multiple vehicle models; the first - generation automotive 4D millimeter - wave imaging radar achieved small - batch orders and deliveries [21]. - Microwave RF field: Completed the project acceptance of the satellite Internet broadband terminal IF chip, and achieved satellite connectivity in the latest round of terminal integration testing [21][23]. - Satellite communication: Conducted research on Ku and Ka - band low - orbit satellite communication phased - array terminal products, and achieved key progress [21]. 3.3.3 Q&A - R & D investment increase: The R & D investment in the first half of 2025 was 507,845,600 yuan, a year - on - year increase of 36.95%, accounting for 19.96% of operating income. The increase was due to continuous investment in infrared technology and the development of microwave RF business [22]. - Microwave field progress: Made progress in silicon - based millimeter - wave integrated circuits, compound semiconductors, and automotive 4D millimeter - wave imaging radars, which will form the second growth curve in the future [23]. - High income tax: The high income tax was due to the adjustment of subsidiary business last year and the increase in current income tax with the growth of revenue and profit [24]. - Capacity improvement: The intelligent optoelectronic sensor R & D and pilot platform project was completed and put into production. The annual production capacity of infrared detectors reached 6 million, the wafer - level thermal imaging manufacturing platform reached 5 million, and the thermal imager reached 1 million [24]. - AI layout: The company actively applied AI in R & D, production, and management. It made progress in AI algorithms in multiple links and established a subsidiary in August to strengthen AI R & D [25]. - Low - altitude economy layout: The company provides various products for the low - altitude economy and will continue to develop this business [26].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 118.32 [1][5][7] Core Insights - The company reported a strong performance in H1 2025, achieving revenue of RMB 25.44 billion, a year-on-year increase of 25.82%, and a net profit attributable to shareholders of RMB 3.51 billion, up 56.46% year-on-year [1] - The infrared thermal imaging and optoelectronic business segments showed significant growth, with revenues of RMB 24.03 billion, a 36.56% increase year-on-year, driven by strong downstream demand [2] - The company is actively expanding its AI-related applications across various business areas, achieving significant progress in chip design and terminal products [4] Financial Performance - In Q2 2025, the company achieved revenue of RMB 14.07 billion, representing a year-on-year growth of 38.67% and a quarter-on-quarter increase of 23.82% [1] - The gross margin for the infrared thermal imaging and optoelectronic business was 52.94%, slightly down by 0.61 percentage points year-on-year [2] - The company’s cash flow improved significantly, reaching RMB 3.18 billion in H1 2025, an increase of 328.46% year-on-year [2] Business Development - The company is making steady progress in special equipment and microwave business areas, with ongoing projects in smart guidance and optoelectronic pods [3] - The microwave business is expanding, with successful client integrations and stable deliveries of aerospace-grade components [3] - The company is also advancing its research projects, including next-generation intelligent low-cost uncooled infrared chips [3] Profit Forecast and Valuation - The company’s projected net profits for 2025-2027 are RMB 8.02 billion, RMB 10.86 billion, and RMB 13.38 billion respectively, with corresponding EPS of RMB 1.74, RMB 2.36, and RMB 2.91 [5][9] - The target price has been adjusted to RMB 118.32, based on a PE valuation of 68 times for 2025 [5][9]

Group 1 - The core viewpoint of the article highlights the significant growth in the commercial aerospace business of Zhongke Xingtu, with a revenue increase of 137.51% year-on-year in H1 2025, and low-altitude economy revenue accounting for 4.73% of total revenue [1] - Institutional data indicates a recent concentrated buying of military industry stocks by trusts, while wealth management subsidiaries have reduced their holdings in the military sector [1] - An institution estimates that the insurance capital allocation scale will reach 400-500 billion yuan in 2023, with approximately 250 billion yuan flowing into A-shares, potentially providing financial support for the defense sector [1] Group 2 - As of August 29, 14:31, the National Defense ETF (512670.SH) rose by 0.58%, and its related index, the Zhongzheng National Defense Index (399973.SZ), increased by 0.37% [1] - Among the major constituent stocks, AVIC Chengfei rose by 7.33%, Beifang Navigation increased by 5.91%, AVIC Shenyang rose by 1.48%, Inner Mongolia First Machinery rose by 4.72%, and AVIC Onboard increased by 2.55% [1] - Related products include the National Defense ETF (512670), with associated stocks such as AVIC Shenyang (600760), Aero Engine Corporation of China (600893), AVIC Optoelectronics (002179), and others [1]

Core Viewpoint - The report highlights that Ruichuang Micro-Nano has shown significant growth in its financial performance for the first half of 2025, with a notable increase in net profit and revenue, particularly in its infrared business, leading to a "buy" rating from Minsheng Securities [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 2.54 billion yuan, representing a year-over-year increase of 25.8% [2]. - The net profit attributable to shareholders was 350 million yuan, up 56.5% year-over-year, while the net profit excluding non-recurring items was 330 million yuan, reflecting a 58.0% increase [2]. - In Q2 2025, the company recorded revenue of 1.41 billion yuan, a 38.7% increase year-over-year, and a net profit of 210 million yuan, which is a remarkable 114.3% increase year-over-year [2]. Business Segments - The infrared thermal imaging segment generated revenue of 2.4 billion yuan, growing by 36.6% year-over-year, accounting for 94% of total revenue [3]. - The microwave radio frequency segment saw a decline in revenue to 70 million yuan, down 65.9% year-over-year, representing only 3% of total revenue [3]. - The company has made significant advancements in its microwave business through acquisitions and the establishment of dedicated R&D teams [3]. Cost Management and Cash Flow - The company's expense ratio decreased by 1.8 percentage points to 32.2% in the first half of 2025, with reductions in sales and management expenses [4]. - Operating cash flow improved significantly, reaching 320 million yuan compared to 70 million yuan in the same period last year [4]. Investment Outlook - The company is positioned to leverage its strengths in infrared technology while expanding into microwave and laser sensing fields, targeting various industries such as industrial manufacturing and satellite communications [4]. - Forecasted net profits for 2025, 2026, and 2027 are 733 million yuan, 897 million yuan, and 1.092 billion yuan, respectively, with corresponding price-to-earnings ratios of 49x, 40x, and 33x [4].

Core Viewpoint - The company, Ruichuang Micro-Nano, reported a significant increase in revenue and net profit for the first half of 2025, driven by growth in infrared thermal imaging and optoelectronic business sales. Financial Performance - Revenue for the first half of 2025 reached 2,543,793,565.8 yuan, a year-on-year increase of 25.82% [3][4] - Net profit attributable to shareholders was 351,011,549.28 yuan, up 56.46% compared to the same period last year [3][4] - Net profit after deducting non-recurring gains and losses was 328,406,826.08 yuan, reflecting a growth of 57.96% year-on-year [3][4] - Total assets as of the end of the reporting period were 9,343,883,056.11 yuan, an increase of 6.11% year-on-year [5] - Net assets attributable to shareholders were 5,761,282,097.7 yuan, up 6.6% from the previous year [5] Research and Development - The company invested 50,784.56 million yuan in R&D, a 36.95% increase from the previous year [6] - R&D personnel accounted for 51.54% of the total workforce, with 1,738 employees focused on technological improvements and product innovation [6] Product Development - In the non-cooling infrared device sector, the company optimized 6μm products and completed mass production of 8μm series products, including 1920×1080, 1280×1024, and 640×512 arrays [6] - The company is advancing the development of new sensor technologies and packaging techniques to enhance image performance and reduce costs [6] AI Integration - The company is integrating AI technology across various business areas, achieving significant advancements in chip design and end products [7] - The third-generation infrared image processing SOC chip architecture has been optimized to meet international standards [7] Automotive Sector - The company has achieved full resolution coverage and upgraded vehicle certification for its infrared thermal imaging product line, with new products meeting AEC-Q100 Grade2 standards [8] - The company is also advancing its microwave business for automotive applications, completing the development and validation of the first generation of vehicle-mounted 4D millimeter-wave radar products [8] Microwave Business - The company is progressing in the development of a full chain of microwave technology and products, achieving significant advancements across various business modules [9] - The company has expanded its product line in compound semiconductors and silicon-based millimeter-wave integrated circuits, receiving certifications from major clients [9] Laser Technology - The company is developing laser ranging products with features such as low power consumption and high reliability, suitable for various applications including civil drones and outdoor observation [10]

Investment Rating - The report maintains a "Recommended" rating for the company, considering its strong performance and growth potential in the infrared and microwave sectors [4][6]. Core Insights - The company reported a significant increase in net profit of 114% year-on-year for Q2 2025, with total revenue reaching 25.4 billion yuan for the first half of 2025, a 25.8% increase compared to the previous year [1][2]. - The infrared imaging and optoelectronic business segments are experiencing rapid growth, contributing to the overall revenue increase [2][4]. - The company has established a new business structure focusing on infrared, microwave, and laser technologies, which are expected to enhance productivity across various industries [4]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 14.1 billion yuan, marking a 38.7% increase year-on-year, with a net profit of 2.1 billion yuan, up 114.3% [1]. - The gross margin for the first half of 2025 improved to 50.7%, while the net margin increased to 11.4% [1][3]. Business Segments - The infrared thermal imaging segment generated 24.0 billion yuan in revenue, a 36.6% increase, accounting for 94% of total revenue [2]. - The microwave radio frequency segment saw a decline in revenue to 0.7 billion yuan, down 65.9% [2]. Cost Management - The company reduced its expense ratio by 1.8 percentage points to 32.2% in the first half of 2025, with decreases in sales and management expense ratios [3]. - Operating cash flow improved significantly, reaching 3.2 billion yuan compared to 0.7 billion yuan in the same period last year [3]. Future Projections - The company is projected to achieve net profits of 7.33 billion yuan, 8.97 billion yuan, and 10.92 billion yuan for the years 2025, 2026, and 2027, respectively [4][5]. - The current stock price corresponds to a price-to-earnings ratio of 49x for 2025, 40x for 2026, and 33x for 2027 [4][5].

公司最新资产负债率为37.66%，在已披露的同业公司中排名第42，较上季度资产负债率增加0.44个百分 点。 公司最新毛利率为50.72%。最新ROE为6.09%。 2025年8月29日，睿创微纳(688002.SH)发布2025年中报。 公司营业总收入为25.44亿元。归母净利润为3.51亿元。经营活动现金净流入为3.18亿元。 公司摊薄每股收益为0.77元。 公司最新总资产周转率为0.28次。最新存货周转率为0.68次。 ...

Core Viewpoint - The company plans to distribute a cash dividend of 0.80 RMB per 10 shares, amounting to a total cash dividend of approximately 71.42 million RMB, which represents 20.35% of the net profit attributable to shareholders for the first half of 2025 [3][4][24]. Group 1: Profit Distribution Plan - The company intends to distribute a cash dividend of 0.80 RMB per 10 shares (including tax) [3][22]. - The total number of shares eligible for the dividend distribution is 451,974,092 shares, after deducting shares held in the repurchase account [3][23]. - The total cash dividend to be distributed amounts to 36,157,927.36 RMB, which is 10.30% of the net profit attributable to shareholders for the first half of 2025 [3][24]. Group 2: Financial Data - As of June 30, 2025, the company's net profit attributable to shareholders for the first half of 2025 is 351,011,549.28 RMB [23]. - The company's total share capital as of August 27, 2025, is 460,237,692 shares [3][23]. Group 3: Fundraising and Management - The company raised a total of 1,564,690,000 RMB through the issuance of convertible bonds, with a net amount of 1,556,690,000 RMB after deducting issuance costs [8]. - As of June 30, 2025, the company has used 986,725,733.90 RMB of the raised funds, with 52,199,672.58 RMB used in the current year [8][12]. Group 4: Corporate Governance Changes - The company has decided to abolish the supervisory board, transferring its responsibilities to the audit committee of the board of directors [36][37]. - The registered capital of the company has been changed from 447,300,000 RMB to 460,237,692 RMB [36].

2024年1至12月份，睿创微纳的营业收入构成为：多维感知占比98.78%，其他业务占比1.22%。 （记者 王可然） 每经AI快讯，睿创微纳（SH 688002，收盘价：77.6元）8月29日发布关于拟为全资子公司提供担保的公 告。公告称，截至目前，公司为控股子公司提供担保总额为2.2亿元人民币（不含本次担保额度），占 最近一期经审计净资产的3.75%，以上额度已使用约1.99亿元。本次新增对全资子公司2亿元的担保金 额，合计公司对全资或控股子公司提供的担保总额为4.2亿元人民币，占公司最近一期经审计净资产的 7.15%。 每经头条（nbdtoutiao）——申请超2万份，已开出41家，加盟海底捞，你要准备多少钱？1000万元不算 多，真实"账单"公布 ...

证券日报网讯 8月28日晚间，睿创微纳发布公告称，公司于2025年8月28日召开了第三届董事会第二十 七次会议，审议通过了《关于拟为全资子公司提供担保的议案》，公司拟为全资子公司合肥影炬提供不 超过2亿元人民币的连带责任保证担保，以满足其流动资金需求。截至目前，公司为控股子公司提供担 保总额为22，000万元人民币（不含本次担保额度），占最近一期经审计净资产的3.75%，以上额度已 使用19，948.50万元。 （编辑 李家琪） ...